What is an Initial Evaluation Procedure (IEP) or Detailed Engineering Evaluation report (DEE) and why is it so important when you buy apartments or commercial buildings?
These all help you determine whether the building may be earthquake prone and will also affect your bank’s lending, your insurance cover/premiums, your tenants rights and obligations towards them and the ultimate value of your buildings.
When having your apartment inspected you need to make sure the person you have carrying out the inspection has a good understanding and awareness of IEP and DPP. If you need guidance with these issues, or to discuss these matters further, please feel free to contact your trusted advisers at Queen City Law.
To read more about IEP and DPP our friends at Home Buyers Reports has recently published a very helpful blog on this subject. For a read of the full article go to their webpage direct, click here.
If you are considering buying an apartment in a high rise, an old block of flats or within a converted commercial building you may be supplied with an Initial Evaluation Procedure (IEP) or Detailed Engineering Evaluation report (DEE) which relates to how the building will stand up to an earthquake. HomeBuyers Reports give a basic rundown of how to interpret these reports and what to do with the findings.
Buildings built to the current Building Code requirements are designed to deal with forces resulting from earthquakes. Unfortunately, older buildings were not always designed with this consideration. Many councils’ around New Zealand are requiring owners of older buildings to have their buildings checked by an engineer. It is also becoming a requirement from some banks, insurance providers and tenants to provide this information. Typically a building owner will be notified in writing by one of these entities, that an assessment is required.
If you require any further information in relation to property development or any other property related matters including leaky building representation or agency work , please do not hesitate to contact us.Contact Us